Cameco Corporation announced its third-quarter 2024 financial and operating results, reporting revenue of $721 million, a 25% increase from Q3 2023. Despite this revenue growth, net earnings attributable to equity holders decreased by 95% to $7 million, or $0.02 per basic share, compared to $148 million or $0.34 per share in the prior year. The company also reported adjusted net losses of $3 million for the quarter.
Operational performance showed strength, with uranium production volume increasing by 43% to 4.3 million pounds and sales volume rising 4% to 7.3 million pounds year-over-year. The average realized uranium price was $60.18 (US) per pound, up 14%. Fuel Services production volume surged 60% to 3.2 million kgU, and sales volume increased 67% to 3.5 million kgU.
The board of directors declared an increased 2024 annual dividend of $0.16 per common share, up from $0.12 in 2023. Cameco also outlined a dividend growth plan, expecting to at least double the 2023 dividend to $0.24 per share through 2026. The company's 2024 uranium production outlook was raised to up to 23.1 million pounds (Cameco's share) from 22.4 million pounds, although JV Inkai's expected production was lowered to 7.7 million pounds (100% basis) due to acid supply challenges.
Cameco continued its debt reduction efforts, repaying another $100 million (US) of the remaining $300 million (US) term loan used for the Westinghouse acquisition. The company's financial outlook for 2024 remains strong, with an updated exchange rate assumption of $1.00 (US) for $1.35 (Cdn), leading to an increased expected uranium average realized price of $77.80 per pound and estimated consolidated revenue of $3.01 billion to $3.16 billion.
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